NokScoot board resolves to liquidate airline

NokScoot's board passed (26-Jun-2020) a resolution on 26-Jun-2020 to liquidate the company. Shareholders will deliberate the resolution and appoint a liquidator at a meeting on 14-Jul-2020. NokScoot stated it has been "operating in very challenging circumstances since its inception in 2014", highlighting difficulties in growing its network and a "very intense competitive environment". The company stated the situation was exacerbated by challenges arising from the COVID-19 pandemic and consequently, "the board of directors does not see a path to recovery and sustainable growth for the airline". The company has retrenched 425 employees to date, with full benefits, while a small team will stay on until the end of the liquidation process. [more - original PR] [more - original PR - II]